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Payroll Tax Resolution – How to Resolve Payroll 941/940 Tax Problems

If you want an easy and stress-free business life, one of the best tips we can give you today is to stay on the IRS’ good side and to not tick them off.

Payroll tax resolution issues are amongst the most common reasons for the IRS pursuing Los Angeles or other cities, business taxpayers, or individuals whom they deem should be responsible taxpayers, which is why it’s important to ensure that you resolve any payroll 941/940 tax problems sooner, rather than later, should they arise.

It doesn’t matter whether you think you’re above the law, whether you make a mistake, whether you fail to file on time, or anything else for that matter, if you’re needing payroll tax resolution and are on the IRS’ radar they will come for you one way or another and get what they feel they are owed.

If you’re experiencing payroll 941/940 tax problems and require payroll tax resolution help, the sooner you rectify these issues and seek help, the better.

Call us today for a free case evaluation at 1-87-788-2937.

Here’s a look at payroll tax resolution and how to resolve payroll 941/940 tax problems.

What is form 941?

To start off with, let’s take a clearer, more decisive look at what payroll form 941 actually is.

If you’re a Los Angeles business taxpayer and are looking to file your return, chances are you will need to know what this form actually is.

IRS form 941 is basically a quarterly tax return for an employer. To make life even tougher for business owners, every quarter this form must be filed so as to report FICA taxes such as Medicare and Social Security and income taxes which have been withheld from the pay of employees.

This form is also in place to report FICA taxes which are payable by the employer.

Please be aware that this is not a payment form, but rather, it is instead used to document any info which may be required for the IRS regarding any payments and tax liabilities, including:

  • Amounts payable to the employer for their share of FICA taxes
  • Amounts which have already been deposited for payroll taxes from the previous quarter
  • The total amounts which have been withheld from employee pay for both federal income taxes and FICA taxes

What is form 940?

As we’re looking at payroll tax resolution, because we’ve already looked at IRS form 941, we now need to take a look at what IRS form 940 is.

IRS form 940 is used to calculate the total amount of federal unemployment tax liability a business has incurred for the previous financial year.

It can also be used to work out unemployment tax owed for the previous financial year, along with due unemployment taxes and unpaid employment taxes.

As a business owner, if your business paid wages of at least $1,500 to employees in a quarter, then as of 2020, you must file form 940. On top of that, if you had at least one employee for at least one day in any 20-week period of the last 2 years, again, you should file this form.

Call us today for a free case evaluation at 1-87-788-2937.

How to resolve payroll form 940/941 issues?

If you find yourself on the IRS’ hit list because you are dealing with payroll tax resolution issues, the good news is that there are things you can do to rectify your issues.

These include:

Use form 941-X

If you find yourself dealing with IRS form 941 issues, one of the most effective ways of getting back on track is to use form 941-X to correct or amend.

We all make mistakes, and if you find that you have made a mistake on form 941, don’t panic, just go ahead and file form 941-X.

Don’t worry, because this form is actually very, very similar to form 941, because the IRS designed it to help make it easier to correct any mistakes when filing certain forms.

Speak to a professional

The next bit of advice that we can give you today is to take the time to speak to a professional tax service or expert and have them resolve your issues for you.

Let’s face it, some of us are better at paperwork than others, and some of us aren’t blessed with plenty of free time. Because of this, sometimes we do rush, and sometimes we just fill forms in incorrectly.

If you are dealing with payroll tax resolution issues because you owe back taxes, or filled in the forms incorrectly, one of the best things you can do is contact our Los Angeles based professional tax services firm and have an expert take care of it for you.

These tax professionals deal with issues like yours every day, resolving back tax debt, filling in the form correctly and resolving any potential mistakes will be done very quickly and very efficiently.

Not only can you guarantee that the forms will be filled in right the next time around, but you also get to sit back while somebody else does the hard paperwork for you.

Take your time when filling the forms in

Okay, we’re looking at payroll tax resolution, but the best way to ensure that you don’t actually have to resolve any payroll tax issues is to take your time when filling the forms in to begin with and pay on time.

Whether you’re completing IRS form 940 or 491, if you want to ensure that you don’t pay more than you need to, and that you don’t have to deal with the IRS in the first place, simply take your time when completing the form.

Of course, getting a tax professional to resolve your back taxes is the best way to guarantee that you end your payroll nightmare, but if you do decide to do it yourself, take care of them nice and early, don’t leave it until the last minute, and be sure to take your time to ensure you don’t make mistakes.

Call us today for a free case evaluation at 1-87-788-2937.

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